A Study On "Culture Capital's TFP"

Classical economic growth theory suggests that the main form of capital,including land,capital,labor and so on, the new economic growth theory extends the capital form to technology and knowledge. This paper holds that in the 21st century, the culture capital will become the source of economic growth and development of creative cultural industries. Culture capital is the stock of an asset's cultural value.It can be divided into two forms, tangible culture capital and intangible culture capital. The part of material existence of tangible culture capital itself has very high "material value", and can be directly transformed into economic value; the part of the cultural heritage has very high cultural value, which indirectly affects the economic value of cultural resources. Intangible culture capital does not have "material value", but the services flow of intangible culture capital can bring about cultural value, and part of the cultural value can directly bring about economic value. The results of Innovation Index model by NESTA of Britain corroborated the importance of innovation on economic growth. Based on development of Innovation Index model by NESTA of Britain, this paper try to construct a double logarithmic model of "culture capital's TFP", and chooses the data of creative cultural industries in Beijing from 1999 to 2007 as sample data. The results of the analysis shows that culture capital's TFP of Beijing from 2000 to 2007 averages 5.36%, that is, culture capital contributes an average of 5.36 percent for the development of creative cultural industries. There is no doubt that creative cultural industries will become a new engine of economic growth in 21st century. The key ot the development of creative cultural industries is to transform cultural resources into culture capital. For this, the Government should devote greater efforts on creative cultural industries personnel training, protection and exploiture of cultural resources, enhancement of culture competitiveness, trade promotion of cultural products and services, financial support, policy support of copyright and other aspects to better promote the development of creative cultural industries.